Serba Dinamik Holdings Berhad, a global integrated engineering services provider, through its wholly-owned subsidiary, Serba Dinamik Group Berhad (SDGB), today proposed an acquisition of 34,537,581 ordinary shares in Green & Smart Holdings PLC (GSH), representing approximately 10% of the total number of issued shares of GSH with a total cash consideration of RM13.0 million from K2M Ventures Sdn. Bhd. (K2MV), an existing shareholder of GSH.
The Company had on July 2018, through its wholly owned subsidiary, Serba Dinamik International Ltd. (SDIL), announced the proposed subscription of 51,806,000 new ordinary shares, representing approximately 15% of the enlarged number of issued shares in GSH for a total cash consideration of approximately RM 16.99 million.
The Proposed Subscription was undertaken through an ongoing private placement exercise by GSH.
GSH is currently listed on the AIM Market of the London Stock Exchange with business operations in Malaysia. GSH and its subsidiaries are principally involved in research and development, provision of professional engineering consultancy and process design services in the area of industrial biotechnology, pollution control and renewable energy, and Engineering, Procurement, construction and commissioning (“EPCC”) of various waste water treatment plants/ systems and development, commercialisation, operation and maintenance of renewable energy power plants.
Its core business is power generation from biogas captured through the treatment of palm oil mill effluent (“POME”) via a proprietary technology.
Group Managing Director / Group Chief Executive Director of Serba Dinamik Holdings, Dato’ Dr. Ir. Mohd. Abdul Karim bin Abdullah expressed, “The proposed subscription will further enhance our shareholding in GSH. To date, we will be the second largest shareholder of GSH, enabling us to enlarge our business in asset ownership as well as to expand our EPCC business segment and capabilities. In addition, being a part of GSH gives us an opportunity to boost our involvement in EPCC works under the Group.”
“To-date, GSH has completed two bio-gas plants and awarded one EPCC contact to our wholly-owned subsidiary Serba Dinamik Sdn. Bhd., relating to a 2.7-megawatt biogas power plant in Teluk Intan, Perak. On top of that, GSH also in the midst of developing three other bio-gas plants with estimated total project value of RM49.0 million and potentially, may embark on joint ventures with leading plantation owners to develop bio-gas plats that carry EPCC contracts valued at approximately RM40.0 million.” he added.